Advance Technoforge (BOM:544843) Beneish M-Score: 0.00 (As of Aug. 31, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

BOM:544843 Advance Technoforge Ltd BOM:544843
11 GF Score
Price ₹75.67
! 4 Warning Signs
View Full Analysis

What is Advance Technoforge Beneish M-Score?

Advance Technoforge BOM:544843 +4.17% 11 Beneish M-Score is 0.00 as of Aug. 31, 2026. GuruFocus rates BOM:544843 with a GF Score™ of 11/100. The stock has 4 warning signs investors should review. Among 2,930 Industrial Products companies, Advance Technoforge ranks worse than 34129.66% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

The historical rank and industry rank for Advance Technoforge's Beneish M-Score or its related term are showing as below:

During the past 4 years, the highest Beneish M-Score of Advance Technoforge was 0.00. The lowest was 0.00. And the median was 0.00.

Advance Technoforge Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Advance Technoforge's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Advance Technoforge Beneish M-Score Chart

Advance Technoforge Annual Data
Trend Mar23 Mar24 Mar25 Mar26
Beneish M-Score
0.00 0.00 0.00 0.00

Advance Technoforge Semi-Annual Data
Mar23 Mar24 Mar25 Mar26
Beneish M-Score 0.00 0.00 0.00 0.00

BOM:544843 vs ATI, CRS, MLI: Beneish M-Score Comparison

For the Metal Fabrication subindustry, Advance Technoforge's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Advance Technoforge Beneish M-Score vs Industrial Products Industry

For the Industrial Products industry and Industrials sector, Advance Technoforge's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Advance Technoforge's Beneish M-Score falls into.


BOM:544843
11GF Score
Advance Technoforge Ltd BOM:544843
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Advance Technoforge Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Advance Technoforge for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.1033+0.528 * 0.7362+0.404 * 0.7989+0.892 * 0.9868+0.115 * 0.6114
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.914+4.679 * -0.008372-0.327 * 0.9207
=-2.66

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₹133.2 Mil.
Revenue was ₹499.6 Mil.
Gross Profit was ₹147.8 Mil.
Total Current Assets was ₹270.5 Mil.
Total Assets was ₹469.2 Mil.
Property, Plant and Equipment(Net PPE) was ₹172.2 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹12.9 Mil.
Selling, General, & Admin. Expense(SGA) was ₹7.5 Mil.
Total Current Liabilities was ₹258.8 Mil.
Long-Term Debt & Capital Lease Obligation was ₹62.3 Mil.
Net Income was ₹40.6 Mil.
Gross Profit was ₹0.0 Mil.
Cash Flow from Operations was ₹44.5 Mil.
 Total Receivables was ₹122.3 Mil.
Revenue was ₹506.3 Mil.
Gross Profit was ₹110.2 Mil.
Total Current Assets was ₹210.0 Mil.
Total Assets was ₹395.1 Mil.
Property, Plant and Equipment(Net PPE) was ₹157.1 Mil.
Depreciation, Depletion and Amortization(DDA) was ₹7.0 Mil.
Selling, General, & Admin. Expense(SGA) was ₹8.3 Mil.
Total Current Liabilities was ₹214.0 Mil.
Long-Term Debt & Capital Lease Obligation was ₹79.7 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(133.195 / 499.594) / (122.337 / 506.272)
=0.266606 / 0.241643
=1.1033

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(110.23 / 506.272) / (147.75 / 499.594)
=0.217729 / 0.29574
=0.7362

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (270.472 + 172.194) / 469.203) / (1 - (210.039 + 157.092) / 395.101)
=0.056558 / 0.070792
=0.7989

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=499.594 / 506.272
=0.9868

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(6.998 / (6.998 + 157.092)) / (12.912 / (12.912 + 172.194))
=0.042647 / 0.069755
=0.6114

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(7.489 / 499.594) / (8.303 / 506.272)
=0.01499 / 0.0164
=0.914

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((62.276 + 258.801) / 469.203) / ((79.671 + 213.992) / 395.101)
=0.684303 / 0.743261
=0.9207

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(40.586 - 0 - 44.514) / 469.203
=-0.008372

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Advance Technoforge has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of 0.00 mean?
Advance Technoforge (BOM:544843) has a Beneish M-Score of 0.00 as of Aug. 31, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Advance Technoforge and its competitors. According to the industry distribution chart, Advance Technoforge ranks #999999 out of 2930 companies in the Industrial Products industry.
Is Advance Technoforge's Beneish M-Score too high?
Advance Technoforge's current Beneish M-Score is 0.00. Based on the distribution chart, Advance Technoforge ranks #999999 out of 2930 companies in the Industrial Products industry, which is in the bottom quartile relative to peers. Overall, Advance Technoforge has a GF Score™ of 11/100, reflecting its overall financial health beyond just this single metric.
How does Advance Technoforge's Beneish M-Score compare to ATI and CRS?
According to the Industrial Products industry distribution chart, Advance Technoforge ranks #999999 out of 2930 companies for Beneish M-Score. This places Advance Technoforge in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Industrial Products company?
A good Beneish M-Score depends on the Industrial Products industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Advance Technoforge and its competitors. Advance Technoforge's current Beneish M-Score is 0.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Advance Technoforge stock overvalued right now?
Advance Technoforge (BOM:544843) has a current Beneish M-Score of 0.00. The current Beneish M-Score is 0.00. Advance Technoforge's overall GF Score™ is 11/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Advance Technoforge (BOM:544843), the current Beneish M-Score is 0.00 as of Aug. 31, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Advance Technoforge Business Description

Address At. & Po. Padavala Road, Survey No. 121, Plot No.1 to 6, Opposite Eaterflow Piping System, Veraval Shapar Industrial Area, Lodhika, Rajkot, GJ, IND, 360024
Advance Technoforge Ltd is engaged in the manufacturing of forged steel machined components of Carbon Steel, Alloy Steel, and Stainless Steel, specializing in Closed Die Forging, Upset Forging and Ring Rolling Forging in both rough and precision machined conditions. The company supplies these products to automotive, General engineering, oil & gas, Earth Moving and heavy machinery industries. The majority of its revenue is derived from the sale of its products in India.
11GF Score

Get the complete analysis for BOM:544843

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₹75.67
Price